The Real Cost of Buying a Home

When thinking of buying a new home, we look

at the price in the real estate guide and carefully calculate what the monthly mortgage bill would be, and prepare our down payment. Then as the home buying process proceeds, we are hit with fee after fee, leaving us stressed and frankly, broke. Learning what fees will be required can help us to prepare, and help us have a more realistic idea of what price house will fit within our income levels.

Home Appraisal – $300 –

$400

Survey – $300 – $400(more for larger properties)

Home Inspection

Cost is dependent on size, age and location of the house and may range from $300 - $800, and

even more for more expensive homes.

Pest Inspection

Depending on the size, age and location of the house, this can range from $100 - $500.

Closing Costs

Calculate your closing costs at a site such as this: http

://homes.yahoo.com/calculators/closing_costs.html

PMI Insurance

Generally this insurance is between 0.3% and 1.15% of the cost of the house

Credit Report

This should be less than $20.

Points

Calculate your points at a site such as this:http://www.bankrate.com/calculators/mortgages/mortgage-loan-points-calculator.aspx

Also, remember that along with

buying a new house there is other money to be paid out,

such as:

• Moving• Utility Deposits• Homeowners’ Insurance• Association Fees• Property Taxes

Other Expenses

As you consider buying a new home, be realistic about the actual cost of the home. Be prepared by knowing what fees you will be expected to

pay, and prepare yourself financially.

Alan Kennedy

Senior Mortgage Banker with Cornerstone Home Lending, Inc. in Athens, Georgia.

1551 Jennings Mill Road Suite 3300-A

Bogart, GA 30622 Phone:706-206-0476

Contact me today for a consultation: